I ran a horizontal boring, drilling, and milling machine with a tapered chuck and had a 6 inch diam. spindle and ran 12 inch carbide and high speed steel. Never had a spindle come loose. Some times even inserted a second tapered spindle inside the large.
That being said. They are made to hold but the operator or machine maintenance is responsible to keep both the tapered holder and the spindle clean. Start by cleaning with steel wool and make sure there are no spots of rust or visible damage (flat spots or bumps)clean the inside of the spindle with the same vigor. When you are sure it is perfect, do it one more time. Make sure to wash the parts inside and out with a strong cleaner and wipe dry.
Now place the tapered chick in the spindle and press the spindle down against a hard wood block onto the drill press table. Do this several times. Once you are sure it is in there tight, do it a couple more times. Those taper chucks are precision ground to form a vacuum that is very strong. If your chuck comes loose after that you need a new chuck or time to consider a new drill press. A drill press can and should hold. Small light milling taking light cuts should be ok. All of this depends on a good bond on the spindle and a smooth feed of the material. Common sense should always be used. Also if the spindle or chuck wobbles or chatters. Stop and see what is causing it. Chatter can cause even a good spindle come loose.

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